1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1...

1. Facts of recognition;

A. On April 27, 2005, Busan District Court Decision 2004Gaso710858 against the defendant, Busan District Court Decision 2004Gaso decided that "the defendant shall pay to Busan 2 Mutual Savings Bank the amount calculated at the rate of 20% per annum from March 5, 2005 to the date of full payment" (hereinafter "the judgment in this case"). The judgment in this case was finalized on May 21, 2005.

B. On August 26, 2011, the Financial Services Commission passed a resolution on the determination of the transfer of contracts and the revocation of the business license for the Busan 2 Mutual Savings Bank pursuant to Article 14(2) of the Act on the Structural Improvement of the Financial Industry and Article 24(2) of the Mutual Savings Banks Act with respect to the Busan 2 Mutual Savings Bank. Accordingly, Busan 2 Mutual Savings Bank transferred claims based on the instant judgment (hereinafter “instant claims”) to the Plaintiff on August 29, 201 and announced the summary of the said decision and the fact of the transfer of contracts to the Korea Economic

Article 14-2 (Effect of Decisions on Transfer of Contracts) (1) Where any decision on transfer of contracts has been made pursuant to Article 14 (2), the rights and duties of the insolvent financial institution under contracts included in the contents of such decision shall be succeeded by the financial institution which takes over contracts (hereinafter referred to as "acquisition financial institution") at the

Provided, That where a mortgage is created with a claim secured by a contract subject to transfer, the mortgage shall be acquired by the underwriting financial institution when public announcement under paragraph (2) is made.

(2) Where any decision for contract transfer referred to in Article 14 (2) has been made, the insolvent financial institution and the underwriting financial institution shall jointly announce a summary of such decision and the fact of contract transfer in at least two daily newspapers without delay.

(3) Where a public announcement is made under paragraph (2), the transfer of contracts shall be involved.